Many would answer that small businesses are anchors of a community, creating jobs and opportunity in cities and towns across America.
According to the SBA, “The two most widely used standards to qualify a business as small are 500 employees for most manufacturing and mining industries and $7.5 million in average annual receipts for many non-manufacturing industries.”
And to the second question, only a qualifying small business is able to provide certain services to the SBA, and qualifies for certain financing programs from the SBA. These include SBA 7(a) loans, the most common and popular small business loans which are provided by traditional bank, community bank and non-bank lenders, and up to 85% of which are guaranteed by the SBA.
Learn more about SBA loan programs here.